Uniform Regulation Key to Tapping Into The Potential of Fantasy Sports Platforms In India

Dialogue released a white paper on the investigation titled "Regulation of Fantasy Sports Platforms in India", which includes the policy advice towards regulating fantasy sports platforms in India. The report pointed out that the “mobile-first” population of India’s young population has enabled mobile games to flourish. However, the inconsistency in the definition of "games of skill" and "games of chance" in national regulations has caused several pain points in consumers and the industry. Because of the recent Madras High Court ruling that states have no legislative power to prohibit fantasy sports, the white paper is particularly important. The report was released at an event attended by well-known experts in the fantasy sports industry in India. Rameesh Kailasam, CEO and President of IndiaTech.org said: "India has great potential to utilize the digital gaming space through innovative use of technology and a spirit of rich and diverse gaming culture that can be traced back to ancient times. India's online gaming space is growing rapidly, with a large number of fans and game enthusiasts supported by a large number of investors. The industry is looking for governments that desperately need regulation to obtain the much-needed legitimacy. Sadly, it has been overshadowed by local misunderstandings. Fortunately, the only form of legitimacy seems to come from multiple sources. These court rulings have been debated, discussed, and understood in various formats, and provided urgently needed relief for potential misunderstandings of the law. The online fantasy sports industry has been affected by several cases, and the verdicts in these cases are beneficial to the form of established skill advantages. IndiaTech.org accepts that the configuration of fantasy sports guarantees that sports devotees follow the game all the more distinctly, boosting viewership and higher crowd cooperation that normally acquires more clarity of mind, ventures, sponsorships to the game profiting sports framework advancement, and higher compensation to the players of that game. The online fantasy sports report dialogue outlines the key challenges and the need for the industry to continue discussions and efforts to recommend solutions that will lead to the creation of a policy and regulatory framework that supports new ventures in the field. Throughout the investigation process, the report found that the lack of supervision has led to divisions within the industry. To create a coordination framework while providing the necessary degree of homogeneity, the collaborative legislation the report recommends to the center is essential. However, taking into account the dynamic nature of the industry and the urgent need for supervision, it is recommended that the central issue "model guidelines" that can be adopted by each state. The implementation of the model guidelines will not only allow the industry to gain recognition from higher-level ministries and commissions but will also conduct exciting line tests to identify skill games and eliminate regulatory uncertainties in the industry. The report also pointed out that the self-regulatory organization ("SRO") will create a regulatory environment that not only encourages light regulation but also allows industry players to benefit from the expertise and technical knowledge of various stakeholders. Roland Landers, CEO of the All India Gaming Federation, said: “The main goals of self-regulation are twofold: one is to look at how responsible gaming mechanisms work, and the other is player protection. For example, AIGF [has] regulations governing SRO methods and [institute] certain checks and balances." When considering global fantasy sports regulatory practices, the report takes into account that the perception of fantasy sports varies from culture to culture. It pointed out that India may be one of the first countries in Asia to have a regulatory system that allows fantasy sports to flourish while creating a safe and inspiring environment for consumers. Credits: The Print